Building Business Value | Corporate Management Strategies

Your Top Ten Key Success Factors

Have you ever been working in your yard, spotted your nosey neighbor Lenny heading your way, and resigned yourself that you were going to learn something you already know?   You already know your gutters need cleaning, and you're not really that keen on getting a lesson in rain gutter management from Lenny!

You may have had that same feeling when an outsider comes into your business.  You know your AR is out of control.  You know sales have dropped for 6 consecutive months.  You know you're vulnerable in the Northeast region but you'd just rather not be reminded about it from some outsider.

Here is a cure for your insecure ailments.  During your next operations or staff meeting, get your leadership team thinking about the key success factors for your company.  In other words, what are the ten key factors that must be in place for your company to be a success.

For our definition, success is measured by a high level of satisfaction from each of your stakeholders.

• What factors need to be in place to make your customers raving fans?
• What factors are required for your employees to consider your company a great place to work?
• What will make the bankers happy, your partners thrilled and your shareholders ecstatic?

Creating alignment among your leadership team on these key success factors will allow you to focus on the most important issues.  Once the leadership team buys into the Top 10 Key Success Factors (KSF), investment decisions will become apparent.  You'll be able to determine if the right amount of management's attention is placed on the KSF's.  You'll be able to build a shared vision around what resources need to be directed to each of the KSF's.

So now when the banker, or audit firm, or management consultant points our your clogged gutters, you'll be able to tell them that clean gutters are not one of your Key Success Factors and you've moved your precious resources on to something that really adds value to the company.

Take that Lenny!